The bearish outlook :

After five impulsive waves up, from May 2009 to Jan 2013 peak at 3970, USDIRR is still to correct in three waves [ leading diagonal (A) – Zigzag (B) – (C) ], and ultimately will retest extreme point of its previous fourth wave at 2650 .

Currently, the recent weakness of USDIRR is likely as an initial move down of impulsive five-waves sequence (c).

Note : The leading diagonal wave(A) before the corrective wave(B), as an initial bearish concept, conceptually would suggest that a relatively deep weakness as the wave(C) has probably begun its way down.

Fibonacci targeting :

The ultimate target for the wave(C), could be around 2500 where establishes an equality ratio with wave(A), near the area of previous fourth wave at 2650.



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